• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.5 no.4
• /
• pp.1-34
• /
• 2010

Recently, failure rates of Kosdaq IPO firms are increasing and their survival rates tend to be very low, and when these firms do fail, often times backed by a number of governmental financial supports, they may inflict severe financial damage to investors, let alone economy as a whole. To ensure investors' confidence in Kosdaq and foster promising and healthy businesses, it is necessary to precisely assess their intrinsic values and survivability. This study investigates what contributed to the failure of IPO firms and analyzed how these elements are factored into corresponding firms' stock returns. Failure risks are assessed at the time of IPO. This paper considers factors reflecting IPO characteristics, a firm's underwriter prestige, auditor's quality, IPO offer price, firm's age, and IPO proceeds. The study further went on to examine how, if at all, these failure risks involved during IPO led to post-IPO stock prices. Sample firms used in this study include 98 Kosdaq firms that have failed and 569 healthy firms that are classified into the same business categories, and Logit models are used in estimate the probability of failure. Empirical results indicate that auditor's quality, IPO offer price, firm's age, and IPO proceeds shown significant relevance to failure risks at the time of IPO. Of other variables, firm's size and ROA, previously deemed significantly related to failure risks, in fact do not show significant relevance to those risks, whereas financial leverage does. This illustrates the efficacy of a model that appropriately reflects the attributes of IPO firms. Also, even though R&D expenditures were believed to be value relevant by previous studies, this study reveals that R&D is not a significant factor related to failure risks. In examing the relation between failure risks and stock prices, this study finds that failure risks are negatively related to 1 or 2 year size-adjusted abnormal returns after IPO. The results of this study may provide useful knowledge for government regulatory officials in contemplating pertinent policy and for credit analysts in their proper evaluation of a firm's credit standing.

• Journal of Mushroom
• /
• v.14 no.4
• /
• pp.220-224
• /
• 2016

Chronic inflammation, which results from continuous exposure to antigens, is one of major reasons for tissue damage and diseases such as rheumatoid arthritis and type 2 diabetes. In this study, we investigated the anti-inflammatory effects of extracts (hexane, $CHCl_3$, MeOH, $MeOH/H_2O$, and $H_2O$) from GW10-45, which is our new cultivar of an edible mushroom Pleurotus ferulae (ASI 2803 and ASI 2778), in RAW264.7 murine macrophages. None of the extracts showed cytotoxicity in RAW264.7 cells and the hexane, CHCl and H extracts reduced nitric oxide (NO) production, an important inflammatory marker, in lipopolysaccharide (LPS)-stimulated RAW264.7 cells. Particularly, the extract (CG45) inhibited NO production more than the other extracts did. To elucidate the effects of CG45 on molecular targets involved in pro-inflammatory responses, we performed western blot analysis. Expression of inducible nitric oxide (iNOS) significantly decreased in LPS and CG45 co-incubated cells compared to that in LPS only-treated cells. Additionally, another protein thatplays a critical role in inflammation, was down-regulated in cells treated with both LPS and CG45. In the nuclear factor $(NF)-{\kappa}B$ pathway, phosphorylation of $I{\kappa}B{\alpha}$ decreased in RAW264.7 cells treated with both LPS and CG45. Furthermore, CG45 inhibited the phosphorylation of $NF-{\kappa}B$ in LPS-stimulated RAW264.7 cells. Conclusively, CG45 could suppress pro-inflammatory responses in LPS-stimulated RAW264.7 cells by down-regulating not only the phosphorylation of $NF-{\kappa}B$ and $I{\kappa}B{\alpha}$ but also the expression of iNOS and COX-2 without any cytotoxicity.

• Journal of Chest Surgery
• /
• v.30 no.10
• /
• pp.966-972
• /
• 1997

Between June 1994 to August 1996, 13 patients underwent emergency coronary artery bypass operations. There were 3 males and 10 females and ages ranged from 56 to 80 years with the mean of 65.5 years. The indications for emergency operations were cardiogenic shock in 12 cases and intractable polymorphic VT(ve'ntricular tachycardia) in 1 case. The causes of cardiogenic shock were acute evolving infarction in 6 cases, PTCA failure in 4 cases, acute myocardial infarction in 1 case, and post-AMI VSR(ventricular septal rupture) in 1 case. Pive out of 13 patients could go to operating room within 2 hours. However, the operations were delayed from 3 to 10 hours in 8 patients due to non-medical causes. In 12 patients, 37 distal anastomoses were constructed with only 3 LITA's(left internal thoracic arteries) and 34 saphenous veins. In a patient with post-AMI VSR, VSR repair was added. In a patient with intractable VT and critical sten sis limited to left main coronary artery, left main coronary angioplasty was performed. Pive patients died after operation with the operative mortality of 38.5%. Three patients died in the operating room due to LV pump failure, one patient died due to intractable ventricular tachycardia on postoperative second day, and one patient died on postoperative 7th day due to multi-organ failure with complications of mediastinal bleeding, low cardiac output syndrome, ARF, and lower extremity ischemia due to IABP. In 8 survived patients, 3 major complications (mediastinitis, PMI, UGI bleeding) developed but eventually recovered. We think that the aggressive approach to critically ill patients will salvage some of such patients and the most important factor for patient salvage is early surgical intervention before irreversible damage occurs.

• KOREAN JOURNAL OF CROP SCIENCE
• /
• v.62 no.1
• /
• pp.1-8
• /
• 2017

We investigated the effect of silicate coating of rice seeds on bakanae disease incidence and the quality of seedlings raised in seedling boxes and transplanted into pots. The silicate-coated rice seed (SCS) was prepared as follows. Naturally infested rice seeds not previously subjected to any fungicidal treatment were dressed with a mixture of 25% silicic acid at pH 11 and 300-mesh zeolite powder at a ratio of 50 g dry seed - 9 mL silicic acid - 25 g zeolite powder. The following nursery conditions were provided : Early sowing, dense seeding in a glass house with mulching overnight and no artificial heating, which were the ideal conditions for determining the effect on the seed. The nursery plants were evaluated for Gibberella. fujikuroi infection or to determine the recovery to normal growth of infected nursery plants in the Wagner pot. Seedlings emerged 2-3 days earlier for the SCS than they did for the non-SCS control, while damping-off and bakanae disease incidence were remarkably reduced. Specifically, bakanae disease incidence in the SCS was limited to only 7.8% for 80 days after sowing, as compared to 91.6% of the non-SCS control. For the 45-days-old SCS nursery seedlings, the fresh weight was increased by 11% and was two times heavier, with only mild damage compared to that observed for non-SCS. Even after transplanting, SCS treatment contributed to a lower incidence of further infections and possibly to recovery of the seedlings to normal growth as compared to that observed in symptomatic plants in the pot. The active pathogenic macro-conidia and micro-conidia were considerably lower in the soil, root, and seedling sheath base of the SCS. In particular, the underdeveloped macro-conidia with straight oblong shape without intact septum were isolated in the SCS ; this phenotype is likely to be at a comparative etiological disadvantage when compared to that of typical active macro-conidia, which are slightly sickle-shaped with 3-7 intact septa. A active intact conidia with high inoculum potential were rarely observed in the tissue of the seedlings treated only in the SCS. We propose that promising result was likely achieved via inhibition of the development of intact pathogenic conidia, in concert with the aerobic, acidic conditions induced by the physiochemical characteristics associated with the air porosity of zeolite, alkalinity of silicate and the seed husk as a carbon source. In addition, the resistance of the healthy plants to pathogenic conidia was also important factor.

• Clinical and Experimental Reproductive Medicine
• /
• v.35 no.4
• /
• pp.247-265
• /
• 2008

Objectives: Many types of liver diseases can damage regenerative potential of mature hepatocytes, hepatic progenitor cells or oval cells. In such cases, a stem cell-based therapy can be an alternative therapeutic option. We examined whether human amnion-derived mesenchymal stem cells (HAM) and human umbilical cord-derived stem cells (HUC) could differentiate into hepatocyte-like cells as therapeutic cells for the liver diseases. Methods: HAM and HUC were isolated from the amnion and umbilical cord of the volunteers after a caesarean section with informed consent. In order to differentiate these cells into hepatocyte-like cells, cells were cultivated in hepatogenic medium using culture plates coated with fibronectin. Effects of hepatocyte growth factor, L-ascorbic acid 2-phosphate, insulin premixture fibroblast growth gactor 4, dimethylsulfoxide, oncostatin M and/or dexamethasone were examined on the hepatic differentiation. After differentiation, the cells were analyzed by RT-PCR, immunocytochemistry, immunoblotting, albumin ELISA, urea assay and periodic acid-schiffs staining. Results: Initial fibroblast-like appearance of HAM and HUC changed to a round shape during culture in the hepatogenic medium. However, in all hepatogenic conditions examined, HUC secreted more amounts of albumin or urea into medium than HAM. Expression of some of hepatocyte-specific genes increased and expression of new genes were observed in HUC following cultivation in hepatogenic medium. Results of immunocytochemistry and immunoblotting analyses demonstrated that HUC secreted albumin into the culture medium. PAS staining further demonstrated that HUC could store glycogen inside of the cells. Conclusions: Both HUC and HAM could differentiate into albumin-secreting, hepatocyte-like cells. Under the same hepatogenic conditions examined, HUC more efficiently differentiated into hepatocyte-like cells compared with the HAM. The results suggest that HUC and HAM could be used as sources of stem cells for the cell-based therapeutics such as in liver diseases.

• The Journal of the Korea Contents Association
• /
• v.9 no.11
• /
• pp.151-162
• /
• 2009

The objective of this study is to uncover the standard and procedure of the review for the online game to export to China and try to find a plan how to solve a problem such as regulation for the online game imported into China depending on a protective policy for homemade game. The literatures related to the policy of China online game industry and the present condition of the wholistic restriction are reviewed and the standard and procedure of the review of China online game which is veiled was able to find definitely by using the case study on Korean company which was a great success as localization in China. As a result of this study, we found that the key factor on the review standard of China online game is the anti-social personality, such as 'the overthrow of Chinese socialist system', 'the territorial issue as the eviction of Hong Kong or the acknowledgment of Taiwan government', 'independence problem of the minorities', and 'damage to property as national treasure', et cetera. While the review of the homemade game in China takes about a month through just two steps in review process on online game, that of foreign game is required over at least three months through four steps in it. Moreover, it is difficult for foreign games to obtain the license due to total amount regulation for online game by 'General Administration of Press and Publication of the People's the Republic of China'. In the case of the joint-venture company, it is most important to the smooth communication between Korean company and Chinese company in order to overcome these strong regulation for online game review in China. Furthermore, as Chinese company in outward appearance it is need to be positioned absolutely in Chinese marketplace. The definite positioning strategy enables foreign companies to avoid the strong regulation about the foreign game in China. To understand, finally, deeply politics, society, and culture presented in Chinese ethics textbook permits the foreign companies to predict the exact standard of the review for online game. Therefore, this study is concluded with key implications to sustain guidelines on the deliberation for foreign companies which want to export online game to China to improve the predictability and accountableness about the review of the online game in China.

• Journal of Distribution Science
• /
• v.9 no.4
• /
• pp.43-50
• /
• 2011

Concerning the risk factors of the outbreak of a fire in a traditional market, most of those markets are located in downtown areas or residential areas; thus, although their location may be favorable in terms of marketability, they face a potential risk in that a fire may develop into a large blaze owing to poor environment or the absence of facilities prepared for disaster during a fire. Moreover, as many people are densely poised in the markets, it is very probable that a fire may occur owing to the excessive use of heaters in the winter as well as the reckless use of electric and gas facilities. It seems that traditional markets encounter difficulty being insured against fire, because of their vulnerability and that the vast majority of small-scale sellers are likely to suffer mental anguish and tremendous physical injury in case of a fire. However, most of those sellers in the traditional markets are hand-to-mouth sellers, and they lack awareness of safety concerns and have insufficient experience in safe facility management. As small-scale sellers constitute the majority in the traditional market, the subscription rate of fire insurance in most of the traditional markets is low for the reasons of their needy circumstances and their financial burden. Statistically, the subscription by street vendors is non-existent; therefore, these vendors have a fairly limited access to indemnification after fire damage. Because of these problems, this study's purpose is to identify the current level of insurance subscription by these markets, which are exposed to poor facilities and vulnerability to fire. In order to fix this, it appears that shop owners and consumers will have to band together. For this study, we executed a fire policyholder fact-finding mission at traditional markets with approximately 108 and 981 stores. The research method was executed by an investigation using one-on-one individual interviews using a questionnaire. The contents investigated current insurance subscriptions. The method of analysis looked at the difference of insured amount according to volume size through cross-tabulation of the difference of insured amount by possession form, difference of insured amount by market form, difference of insured amount by category of business, difference of insured amount by market size, etc. Furthermore, the study should be used to propose solutions for problems through theoretical review with the use of a literature research, because the field case study was through interviews with the persons concerned, and the survey of the current insurance subscriptions by traditional market shopkeepers. The traditional market would generally have difficulty affording fire insurance. Fire insurance subscription rates of most of the market proved to be inactive, because of the economic burden of payment. Lack of funds is thought to be the main factor that causes a lack of realization about the necessity of fire insurance. In addition to expensive insurance premiums, sometimes, the companies' valuation of the businesses is lower than their actual valuations, and they do not pay out enough during a claim. The research presents an improvement plan that, when presented at the traditional markets, may strengthen their ability to procure fire insurance through the help of the central government. Researchers connected with the traditional market mainly accomplish the initial research. However, although this research has its limitations, it offers considerable benefits. For future researchers, I would suggest looking at several regions for comparison.

• Microbiology and Biotechnology Letters
• /
• v.48 no.3
• /
• pp.344-357
• /
• 2020

Strain improvement and bioprocess development were undertaken to enhance hyaluronic acid(HA) production by Streptococcus zooepidemicus cells. Using a high-yielding mutant strain, statistical medium optimization was carried out in shake flask cultures, resulting in 52% increase in HA production (5.38 g/l) at the optimal medium composition relative to the parallel control cultures. For sufficient supply of dissolved oxygen (DO), which turned out to be crucial for enhanced production of HA, agitation system and speed were intensively investigated in 5 L bioreactor cultures. Increase in oxygen mass transfer coefficient (k_La) through increment of agitation speed (rpm) and 35% expansion of diameter of the newly-designed impellers showed significantly positive effects on HA production. By installing an expanded Rushton-turbine impeller for efficient break-down of sparged air, and an extended marine impeller above the Rushton-turbine impeller for efficient mixing of the air-born viscous fermentation broth, maximum amount of HA (9.79 g/l) was obtained at 450 rpm, 1.8 times higher level than that of the corresponding flask culture. Subsequently, the possibility of bioprocess scale-up to a 50 L bioreactor was investigated. Despite almost identical maximum HA production (9.11 vs 9.25 g/l), the average HA volumetric productivity (r_p) of the 50 L culture turned out only 74% compared to the corresponding 5 L culture during the exponential phase, possibly caused by shear damages imposed on the producing cells at the high stirring in the 50 L culture. The scale-up process could be successfully achieved if a scale-up criterion of constant oxygen mass transfer coefficient (k_La) is applied to the 50 L pilot-scale bioreactor system.

• Journal of Chest Surgery
• /
• v.32 no.6
• /
• pp.556-560
• /
• 1999

Background: The cause of spontaneous pneumothorax is not yet but it is certain that intrathoracic air comes from ruptured bulla. Video-assisted thoracoscopic surgery(VATS) or open thoracotomy is recommended for thoracic incision in recurrent pneumothorax. However, recurrent rate after bullectomy with the VATS is very high compared to mini-thoracotomy, 3% to 20% and below 2%, respectively. Material and Method: This retrospective analysis was performed on 16 re-operated cases among 446 surgically treated pneumothorax of the 737 cases of spontaneous pneumothorax diagnosed at Yongdong Severance Hospital from Nov. 1992 to June 1997. Result: Among the 446 surgically-treated patients in 737 case of spontaneous pneumothorax, 16 patients underwent re-operation, showing a 3.5% re-operation rate. Male-to-female ratio was 15 to 1 and mean age at initial attack was 20.2 years(ranging from 15 to 50). Mean hospital stay was 6.34 days(ranging from 2 to 20 days) and mean chest tube indwelling period was 4.2 days(ranging from 1-10 days). Median follow-up was 46 months(range 10-66 months). Three different surgical methods were applied : video-assisted thoracoscopic surgery(VAST) in 281 cases, of whom 2 underwent local anesthesia; subaxillary mini-thoracotomy in 159 cases and limited lateral thoracotomy in the remaining 6 cases. Three different re-operative surgical methods were applied ; video-assisted thoracoscopic surgery (VAST) in 6 cases, subaxillary mini-thoracotomy in 9 cases, and limited lateral thoracotomy in the remaining 1 case. The underlying etiological factors of the recurrent pneumothorax after bullectomy were o erlooking type(9) and new growing type(7). Mean recurrent period from previous operation was 1 month for overlooking type and 18 months for new growing type. Conclusion: The underlying etiological factors of recurrent pneumothorax lead to re-operation were new-growing and over-looking type. We need additional treatments besides resecting blebs of prevent the recurrence rate and more gentle handling with forceps due to less damage to the pleura.

• Asian Journal of Turfgrass Science
• /
• v.23 no.1
• /
• pp.151-162
• /
• 2009

When viewing that since the 1990s local governments have tried to build golf courses as a plan to revitalize the attraction of home and abroad tourists and to increase their tax incomes and that big companies are interested in leisure business including golf courses as a future promising business in the 21st century, golf courses seem to continuously increase in the future. On the contrary, noticing that golf courses are not only the main culprit behind the damage of natural environment and environmental pollution but also a target of real estate speculation and that golf makes a sense of incongruity between the classes of a society as a luxury sports, environment activists and local residents raise criticism to golf. Golf in our country shows a special sports phenomenon of which the pros and cons appear continuously. So, it is judged that policy for golf development direction should be set up based on verified scientific data. Thus, the research aims at deriving the location types of golf courses by looking at laws from the period of formation of the initial domestic golf courses to the recent period, grasping their distribution status according to time series and regions, conducting a questionnaire survey regarding location factors for golfers and the workers of golf courses, and dividing golf courses into several types. It is expected that the research will be a fundamental material when a golf course is built later on, contributing to the research of golf courses.